I-80 Gold Q1 2024 Operating Results: Key Findings and Analysis

RENO, Nev., May 13, 2024 /CNW/ – i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (“i-80”, or the “Company”) reports its operating and financial results for the three months ended March 31, 2024. i-80’s unaudited condensed consolidated interim financial statements (“Financial Statements”), as well as i-80’s Management’s Discussion and Analysis of Operations and Financial Condition (“MD&A”) for the three months ended March 31, 2024, are available on the Company’s website at www.i80gold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.

Unless otherwise stated, all amounts referred to herein are in U.S. dollars (C$ represents Canadian dollars).

2024 FIRST QUARTER HIGHLIGHTS

• Gold sales of 2,486 ounces at a realized gold price of $2,083 per ounce sold¹.
• 10,167 tons of mineralized material sold for total revenues of $3.2 million.
• Continued drilling of polymetallic mineralization at the Ruby Hill mine (4,032 feet).
• Continued underground core drilling delineation of the CSD Gap and Helen zones at the McCoy-Cove project (3,594 feet).
• Completed non-brokered private placement of common shares for aggregate gross proceeds of C$23.5 million.
• March 31, 2024 cash balance of $13.1 million and $39.0 million in restricted cash.

RECENT DEVELOPMENTS

Bought Deal Public Offering

On May 1, 2024, the Company completed a bought deal public offering of an aggregate of 69,698,050 units (each, a “Unit”) at a price of C$1.65 per Unit for aggregate gross proceeds to the Company of approximately C$115 million (the “Offering”). Each unit consisted of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share for a period of 48 months from closing of the Offering at an exercise price of C$2.15 per share.  The Offering was completed pursuant to a short form prospectus dated April 25, 2024 (the “Prospectus”).

“The extension of the delivery requirements under the gold prepay and silver purchase agreements with Orion Mine Finance   coupled with the recently completed bought deal public Offering, significantly enhance our financial flexibility and positions the Company to continue to execute on its plans”, stated Ryan Snow, Chief Financial Officer of i-80. “We continue to advance exploration and definition drilling at Granite Creek and McCoy-Cove and permitting activities at our projects allowing the Company to advance our projects towards the ultimate goal of building a mid-tier Nevada focused producer.”

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